| |JUNE 20229building digital assets much before the pandemic hit. In a way, we were future-ready and today, our entire sales process is digitized. The mobile first approach has led our customers to a smooth and smart transition process. Whether it is the KYC related document or processing claims, from chatbots to AI based ML applications, every process with the help of technology has become a smart way of functioning.Role of AI ML & Data Lakes in Risk MitigationEvery aspect of business today has a leg of digitization to it. With this, mitigating the risk factor to sail smooth has become a critical point of consideration for the insurers. The process of underwriting and risk selection has been optimised significantly using modern technology now. There is a continuous effort to identify other critical risk areas related to operational, market, compliance, money laundering and fraud by using AI based risk detection. Data driven operating models is a strategic way to move towards providing a customised personalised experience to the customers in order to enhance their experience and customer journey. In a business like insurance, contracts usually run for 20 to 25 years and the data that has been collected over the last two decades has become a great asset for business growth. This data today gets funnelled into different use-cases for creating analytical models and building personalised customer segments. It is used to create products in line with the market requirements and also to understand and study the market in a better way. It is important to take control of the data and structure it in a manner to create intelligent data lakes for future.Technology has catalysed the entire insurance market today and made it much easier and more convenient for customers to get a policy. At the same time it has not only helped insurance players to improve their services and increase their reach but also encouraged them to relook at their over all business strategy and make digitization a must-havein their growth plans.Whether it is the KYC related document or processing claims, from chatbots to AI based ML applications, every process with the help of technology has become a smart way of functioning
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